CalPERS Mulls Boosting Disclosure

The California Public Employees’ Retirement System board said it directed its staff to develop a number of proposals for increased public disclosure of the giant pension fund’s investment-making process. The fund, which maintains that it already discloses more about its investment decisions than California law requires, is considering the changes “to ensure board actions are beyond public reproach.” A story in The Times on Tuesday raised questions about a $100-million investment CalPERS’ board authorized for a Texas-based investment partnership, after lobbying by a former CalPERS board member and a state senator, and despite the objections of the fund’s staff. CalPERS President William Crist said proposals under consideration include public disclosure of investment decisions made in closed-door meetings, requirement of roll call votes for all closed-door decisions, and disclosure of board member contacts and meetings with vendors and contractors who have a financial interest in a board decision.